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EXHIBIT 11
DELL COMPUTER CORPORATION
STATEMENT RE COMPUTATION OF PER SHARE EARNINGS
(IN MILLIONS, EXCEPT PER SHARE DATA)
THREE MONTHS ENDED NINE MONTHS ENDED
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NOVEMBER 2, OCTOBER 27, NOVEMBER 2, OCTOBER 27,
1997 1996 1997 1996
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Primary earnings per common share:
Calculation of weighted average shares(a):
Weighted average shares of common stock
outstanding................................... 329 352 334 361
Weighted average shares of common stock
equivalents, utilizing the treasury stock
method........................................ 31 30 30 27
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Weighted average shares outstanding.............. 360 382 364 388
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Earnings:
Net Income available to stockholders............. $ 248 $ 145 $ 659 $ 330
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Earnings per common share(a)(b).................... $0.69 $0.38 $1.81 $0.85
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Fully diluted earnings per common share:
Calculation of weighted average shares(a):
Weighted average shares of common stock
outstanding................................... 329 352 334 361
Weighted average shares of common stock
equivalents, utilizing the treasury stock
method........................................ 31 31 32 34
Assumed conversion of Convertible Preferred
Stock(c)...................................... -- 1 -- 1
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Weighted average shares outstanding.............. 360 384 366 396
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Earnings:
Net Income available to common stockholders...... $ 248 $ 145 $ 659 $ 330
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Earnings per common share(a)(b).................... $0.69 $0.38 $1.80 $0.83
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(a) All share and per share information for fiscal 1997 reflects the two-for-one
common stock split effected on July 25, 1997.
(b) Earnings per common share was calculated using the underlying data in
thousands.
(c) Assumes conversion of the 60,000 shares of outstanding convertible preferred
stock from the beginning of fiscal 1997 to the actual conversion date.